Retailers urged to prepare for the circulation of a new 12-sided pound coin

The Royal Mint has urged retailers to prepare for the introduction of a historic new pound coin.

The 12-sided coin, which has been produced to combat counterfeiters, will come into circulation in March 2017.

The Royal Mint is encouraging all retailers and other major businesses to visit its new website to find out how to get ready for the change, and to download helpful materials to help educate and train staff.

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Adam Lawrence, chief executive of The Royal Mint said business owners should visit the site “as soon as possible” to find out how the new pound coin could affect their business and what steps they need to take to prepare for the launch.

The new coin, which is said to be the most secure of its kind in the world, has been designed with new security features, including a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges.

There are around 45 million counterfeit £1 coins currently in circulation.

David Gauke, the Chief Secretary to the Treasury, said: “The pound as we know it will not be round for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition.”